Grubb & Ellis: Liquidating plan effective date is April 1

By Lisa Kerner

Charlotte, N.C., April 1 - Grubb & Ellis Co.'s joint liquidating plan became effective Monday, according to documents filed with the U.S. Bankruptcy Court for the Southern District of New York.

The plan, dated Nov. 14, was confirmed on March 6.

The court approved the disclosure statement on Jan. 10.

As previously reported, Linda A. Duer was named plan administrator, effective April 1.

Grubb & Ellis received court approval in March 2012 to sell substantially all of its assets to lender BGC Partners, Inc. for $30.03 million.

Under the plan, administrative claims, priority tax claims, priority non-tax claims and secured claims will be paid in full in cash.

Holders of general unsecured claims will receive a share of proceeds remaining after administrative, priority and secured claims have been paid in full.

Holders of equity interests will receive no distribution.

Grubb & Ellis is a Santa Ana, Calif.-based real estate services and investment firm. The company filed for bankruptcy on Feb. 20, 2012 under Chapter 11 case number 12-10685.

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